Robert Earls Allegedly Misappropriated Client Funds
Robert Earls (CRD# 1369915), formerly a broker registered with LPL Financial, misappropriated customer funds, according to recent investor disputes. MDF Law is investigating the former Roanoke, Virginia financial professional for similar conduct. Call us for a free consultation if you have concerns about your accounts.
To learn more about the allegations against Mr. Earls, continue reading this post. The information below is based on a September 11, 2024 examination of his Financial Industry Regulatory Authority BrokerCheck profile.
Pending Disputes Seek More Than $1 Million
In 2024, five parties of investors filed disputes involving Mr. Earls that remain pending. Among other things, these disputes allege that he recommended unsuitable investments, provided funds for “outside investment accounts” that didn’t exist, failed to return funds that were withdrawn, and misappropriated funds. The disputes seek more than $1 million in cumulative damages.
Firm Settled Past Dispute
Another investor lodged a dispute involving Mr. Earls in 2024. In this case, the dispute alleged that he failed to follow instructions to sell stock shares. His former member firm settled the claim for more than $21,000.
DOJ Launches Investigation of Misappropriation Allegations
In February 2024, the US Department of Justice for the Western District of Virginia initiated an investigation into Mr. Earls. As a disclosure on his BrokerCheck profile reflects, the investigation specifically concerned “allegations of misappropriation in customers’ accounts.” It remains pending, according to the disclosure.
FINRA Rules Prohibit Misuse of Client Funds
Securities industry rules and standards strictly prohibit brokers from misusing their customers’ assets. FINRA Rule 2150, for instance, makes clear that no broker-dealer firm or employee of such “shall make improper use of a customer’s securities or funds.” With certain exceptions, registered representatives are also prohibited from sharing in an account’s profits or losses, either directly or indirectly. Another important regulation, FINRA Rule 2010, requires brokers to uphold high standards of commercial honor and just and equitable principles of trade. More information on these rules is available via FINRA.
FINRA: Robert Earls Formerly Based in Roanoke, Virginia
Robert Earls started his career as a broker in 1985, when he registered with the Equitable Life Assurance Society of the United States. He went on to work with numerous firms over the course of his career, including Travelers Equity Sales, One Valley Securities, and Royal Alliance Associates. He was registered with his most recent firm, LPL Financial, from 2011 to 2024, working at its office in Roanoke, Virginia. With 35 years of experience as a broker, he has completed five industry exams and is no longer registered as a broker.
Broker Fraud Victim? You May Have Options
If you have lost money on investments recommended by Robert Earls, you may have recovery options. The broker fraud attorneys at MDF Law have a lengthy track record of advocacy for investors, securing substantial recoveries through the FINRA arbitration process. We take cases on a contingency basis—clients only pay if they win—and provide free consultations nationwide. Call 800-767-8040 to speak with a lawyer today.